Hi Monty ; I don't know how long or high it will go, I will be watching the top 19, particularly the top 6 in the NDX.
The tulips are blooming BUT using a Sort of rule of thumb,
a $1 dollar change in these effect the NDX much less than the Top 6.
Tulips AMZN .24 YHOO .21 CMGI .11, =( amount of NDX move per dollar move in the stocks )
Index hitters DEll 2.10, MSFT 1.95 WCOM 1.48 ORCL 1.35 INTC 1.30
& CSCO 1.28, those six really move the index, NXTL is .79
SPLS .70 and then it falls off sort of fast.
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Looking at Dollar moves are not the same as looking at percentage moves, but they are easy to see and can give a quick heads up.
As strong as the tulips are today, ( they have the biggest gains,
by far,) but they are not the major reason the NDX is powering up.
The volume is still with DELL.
I do think it's a little more irrational exuberance at work but
the market has shown us how silly it can be plenty of times,
so the only thing to do is grab a shirt tail and hang on.
This last low was not as low as the two before so it may have some
legs.
Jim
PS the 3 tulips up $8 to 9+ each, combined they add about $5 to
the NDX , while MSFT is up only 3-3/16 but taht ADDS over $6 to the
NDX by itself.
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